LatinNews Daily - 31 July 2023

* The Companhia Nacional de Abastecimento (Conab), the logistics arm of Brazil’s agrarian development ministry, has released its latest forecast for annual meat production, projecting a record 29.6m tonnes (t) in 2023. Conab also expected a record 9m t in exports. The president of Conab, Edegar Pretto, hailed the high rates of meat production as a key factor contributing to lower food prices for consumers, which had driven Brazil’s monthly deflation registered in June (-0.08%). Pork production was expected to hit a new record of 5.32m t, up 2.7% compared to last year, while 9m t was forecast for beef production and 15.21m t for poultry. Regarding the strong export projections, Conab pointed out that Brazil was expanding to new markets and reducing its dependence on exports to China. In the first half of 2023, China accounted for 37% of Brazil’s total pork exports, down from over 50% in 2020. Hong Kong, the Philippines, Chile, and Singapore have increased their imports of pork from Brazil this year, and Conab expressed optimism that the opening of the Mexican and Canadian markets to Brazilian pork would offer new opportunities for Brazilian exporters.